Bank of England Refusing Venezuelan Request to Return $550 Million in Gold

Bank of England Refusing Venezuelan Request to Return $550 Million in Gold

The Bank of England is refusing to release Venezuela’s gold bars, worth about $550 million or £420 million, back to Caracas, with British officials understood to have referred to “standard” anti-money laundering measures, The Times reports, citing unnamed sources.

On Tuesday, two informed sources told Reuters that the Venezuelan government has been trying to move its gold from Bank of England vaults back to Venezuela for nearly two months, with the shipment thought to be held up over difficulties in obtaining insurance.

The Venezuelan government has made an effort to reduce dependence on US-led or controlled financial institutions and instruments, including the dollar, and committed last month to trading in euros, yuan and “other convertible currencies” amid US restrictions.